Regarding OpenEden's stablecoin, many people don't know what its architecture is, here is an analysis. First of all, OpenEden's stablecoin is called $USDO, and the wrapped version is called $cUSDO. The reason for the wrapped version is that USDO is pegged to $1, but it comes with a native interest of 3.9% that is paid daily in rebase form (i.e., the balance is automatically increased). cUSDO after warp is a standard ERC-20 token that no longer automatically increases the balance, but relies on automatic price increases every day to achieve the same effect. In addition, from the perspective of architecture, the collateral of USDO is different from USDT and USDC, and the collateral of USDO is still a token. At present, USDO's TVL has risen to 280M, with 91% of its collateral coming from $TBILL and the remaining 9% coming from $BUIDL $VBILL and others, which are also US Treasury RWA tokens. $TBILL of them are also issued by OpenEden, which has a complete compliance, auditing, and disclosure framework. $BUIDL is more familiar to everyone, it is a tokenized fund issued by BlackRock, and the underlying asset of this fund is also U.S. Treasury bonds. Therefore, based on this architecture, one of the advantages of USDO is that compared to other stablecoins, people do not have to worry about hackers. After all, in the worst case, hackers can only use smart contracts, but they cannot take away the underlying treasury bonds, which are held in the hands of traditional institutions and are sufficient to deal with emergencies. In addition, the four-layer architecture also opens up the possibility for other companies to use TBILL, just as USDO will use BUIDL, and these Treasury RWA tokens will also get more composability. For other introductions to OpenEden, please refer to this CoinDesk interview↓